The prime focus of Web3 should be on how smart contracts can make businesses more innovative, lower operational costs and create new revenue streams rather than focusing on token charts, says James Tromans, Google Cloud’s head of Web3.
The crypto industry is far too focused on token prices, rather than figuring out how smart contracts can be used to solve real-world business problems, according to Google Cloud's Web3 lead.
“What are the business problems that you want to get executed? When you're running a smart contract to execute some business logic to solve your business problem, you're using a token, but the token is not the thing, it’s the business problem that's the thing.” One of Google Cloud’s main blockchain services is its Blockchain Node Engine, offering users a self-hosted node to access blockchain data, conduct transactions, build smart contracts and run decentralized applications.
“Over the past 12 to 15 months in the traditional enterprise space, interest in leveraging blockchain technology to improve efficiency, reduce cost and improve the speed of innovation hasn't gone away.”
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